SÜSS MicroTec SE

Earnings Release • May 3, 2005

News Details

Ad-hoc | 3 May 2005 20:46

Süss MicroTec AG: Results for Q1/2005

Ad hoc announcement §15 WpHG Quarterly Results Süss MicroTec AG: Results for Q1/2005 Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— · Operating earnings performance year-on-year significantly improved · Cost charges in the quarter due to restructuring measures · Positive order development at the beginning of the Q2 Munich, May 03, 2005 – The business development in the first quarter of the current year largely confirms our given guidance for 2005. Sales increased by 8% from EUR 19.2 million to EUR 20.7 million, based especially on the higher Order Backlog at the beginning of the year. Gross Profit and especially the Gross Profit Margin were subject to noticeable improvement, where the Gross Profit Margin before extraordinary items achieved 38%. Including provisional allowances related to the assets of our Aßlar facility, Gross Profit Margin ultimately reached 36% (previous year : 32%). As expected and communicated, due to restructuring charges Selling, General & Administrative Expenses were EUR 1.2 million higher compared to last year”s first quarter. The EBITDA as key performance indicator for the operational earnings performance improved from EUR (4.3) million to EUR (2.9) million, thanks also to the favorable currency development. Q1/2005 also showed a typical seasonality of the Cash Flow, where, based on incoming Receivables, Liquid Funds moved up to almost EUR 23 million at quarter”s end. The current, unutilized line of credit is extended on a reduced balance (EUR 8.5 million instead of EUR 11 million) until end of May 2005, whereas a further extension until September 30, 2005 is expected on short notice. Negotiations concerning a new line of credit beyond September 30, 2005 we will start after the closing of the second quarter. The transfer of the production from Aßlar to Garching is on schedule and successful. New orders for the manual Mask Aligner are already processed in Garching. Related cost savings due to reduced headcount will become effective during the second half year 2005. With EUR 23.2 million Order Entries ended narrowly below previous year”s quarter (EUR 24.4 million). Within the product lines, Spin Coater and Prober developed favorably whilst Mask Aligner fell short year-on-year. Regarding the regions America performed well whilst Asia with its emphasis on production equipment could not meet last year”s numbers. The order development at the beginning of the second quarter confirms our expectations for the full year with revenues in the range of the 2004 numbers. Due to the product mix in the Order Backlog we expect revenues for Q2 below last year (Q2/2004: EUR 26.6 million). Semiconductor Revenues in the first quarter performed better than anticipated. Our expectations for 2005 are in line with the forecasts of different Research Institutes for the Semiconductor Equipment Industry in general. The results for Q1 / 2005 at a glance: EUR million Q1/2005 Q1/2004 Net Order Entry 23.2 24.4 Net Order Backlog 40.8 38.8 Net Sales 20.7 19.2 Equity 83.7 100.0 Equity Ratio 60% 65% Liquid Funds 22.9 22.5 Free Cash Flow 3.6 0.1 Gross Profit 7.4 6.2 Gross Profit Margin 35.7% 32.3% EBITDA (2.9) (4.3) EBITDA Margin (14.2%) (22.4%) EAT (5.0) (5.0) EPS(in EURO) (0.33) (0.33) Employees 715 720 Please see our Q1 report on http://www.suss.com (pdf download) Süss MicroTec AG Schleissheimer Strasse 90 85748 Garching b. München Deutschland ISIN: DE0007226706 (TecDAX) WKN: 722670 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart End of ad hoc announcement (c)DGAP 03.05.2005 032046 Mai 05